GSK in China: doctor’s orders

Near $500m fine means business practices must change

China luxury: diamonds in the rough

For luxury companies, the country is a curate’s egg

Emaar Malls: retail therapy

The owner of Dubai’s biggest shopping mall is to list

SAP: passing go

Software company spends $8.3bn on Concur

Oracle: new skippers

Ellison should not linger before sailing into the sunset

Bayer: some of the parts

Demergers are popular whether they make sense or not

US Drugstores: Bitter pill to swallow

Drug retailing in the US is a race to the bottom

An employee of Siemens Charlotte Turbine-Generator Center inspects the inside of a stator core, which is the stationary part of a generator's rotor system. Siemens state-of-the-art generator manufacturing operations include new-unit generator manufacturing as well as service repairs for steam turbines and generators. The Charlotte NC manufacturing facility was founded in 1967 by Westinghouse Electric Corporation to manufacture nuclear low pressure turbines. Siemens Charlotte plant is the primary service center for generator and steam turbine equipment in the Americas, and the lead plant for manufacturing new electrical generators. Internationally, Siemens AG is Europe's largest engineering conglomerate.

Sulzer: pumped up

Expensive acquisition of Dresser-Rand might not add up

Netflix: Eurovision

Video-streaming site being introduced in six European countries

Chinese railways: chariots of fire

Will anyone take up premier Li Keqiang’s offer to invest?

  • Santander: dividend dilemma

    Spain’s Banco Santander has had a rap on the knuckles from the Federal Reserve, which says that its US consumer finance business should not have paid a dividend for the second quarter of the year.

    Although Santander Holdings owns 60 per cent of the consumer finance business, the rest of Santander Consumer is listed. So the dividend pushed some cash out of the group. The Fed, which raised objections to Santander’s US capital plans earlier this year, did not like that one little bit. And so Santander Group has had to put $21m into its US holding company to make it all better.

    Continue reading: Santander: dividend dilemma
  • BSkyB and Sky Deutschland: An open marriage

    When BSkyB announced back in late July that it would like to consolidate Sky Italia and Sky Deutschland into Sky Europe, Lex wondered who benefited most. The messy partnership between the three of them, via 21st Century Fox, would become a more coherent European co-habitation in a so-so deal for everyone concerned.

    In particular, BSkyB would pay only slightly above the minimum required by German law for the Sky Deutschland shares held by Fox. But given that Fox, a major shareholder in BSkyB, was the seller of the controlling 57 per cent stake most of the money would stay in the family, so to speak. So if you’re family, no problem.

    Continue reading: BSkyB and Sky Deutschland: An open marriage
  • Asos: mind over shmatter

    Really, it is nothing new. People have been involved in the shmatter business – buying and selling clothes – for thousands of years. It has always been competitive, and still is.

    So consider Asos, which has grown rapidly by overlaying new technology onto this ancient business. When the shares were priced at 100 times earnings (February this year) there was an expectation that this growth rate could last forever. Turns out it couldn’t. Here is what has happened to Asos’ revenue growth over the past three years.

    Continue reading: Asos: mind over shmatter
  • Microsoft buys Minecraft, Lex digs in

    Microsoft has announced that it has bought Mojang, the company that makes Minecraft, for $2.5bn. Lex hates this deal, as we detailed in a note last week. The broad point is this: Microsoft left the Ballmer era and entered the Nadella era as a company badly in need of a strategic identity. Mr Nadella seemed to be establishing one when he suggested the Xbox was not core. Now comes his first big deal. It’s for a gaming company. Argh.

    A few people have been in touch to disagree. They offer three arguments:

    Continue reading: Microsoft buys Minecraft, Lex digs in